Stock Markets Continue Their Bull Run

Mumbai: As the market rose further by half a per cent to fresh all time highs, it’s technically in an overbought zone gaining 8 per cent in December, said experts. Retail and first time investors should preserve cash and wait rather than jumping in to the trading ring, said an investment adviser.

BSE’s market capitalisation hit a new high of over Rs.363 lakh crore or $4.36 trillion. The Sensex closed 371 points or 0.52 per cent up at 72,410.38 after hitting new all time high of 72,484.34 while Nifty-50 closed at 21,778.70 gaining 123.95 points or 0.57 per cent after clocking 21,801.45 intraday.

Foreign portfolio investors were heavy buyers again with net buying of equities worth Rs.4,358.9 cr. The domestic institutions were net buyers by Rs.36 cr, indicating caution on high valuations of stocks now.

“Amidst overbought technical conditions, key indices may consolidate in the near term. The medium-term outlook continues to be in favour of the bulls but only on any steep corrective declines,” said Prashanth Tapse, senior VP (research), Mehta Equities.

“Gains in Asia were led by Chinese shares, which were headed for their best day in four months,” said Deepak Jasani, head -retail research, HDFC Securities.

“Market has been gaining on optimism over expected growth next year,” said Siddhartha Khemka, head - retail research, MOFS.

( Source : Deccan Chronicle. )
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